# In the matter of Kakade Estate Developers Private Limited

> NCLT judgment dated 2025-02-26. Citation: TCN-2025-NCLT-01097. An interlocutory application (I.A. No. 5068 of 2024) was filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 26 Feb 2025
- **Citation:** TCN-2025-NCLT-01097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/kakade-estate-developers-private-limited-fe53daca

## Summary

### Background

An interlocutory application (I.A. No. 5068 of 2024) was filed by the Interim Resolution Professional (IRP) of Kakade Estate Developers Private Limited, seeking approval of a settlement agreement and withdrawal of insolvency proceedings initiated against the Corporate Debtor.

## Facts

The interlocutory application was filed on 16.10.2024 by Mr. Jayesh Sanghrajka, the Interim Resolution Professional of Kakade Estate Developers Private Limited.

The application sought approval of a settlement agreement dated 31.08.2024 and its addendum dated 09.01.2025.

The original company petition (C.P. (IB) No. 747 of 2022) was filed by Edward Mauritius Limited and HDFC Bank Limited, the original financial creditors, under Section 7 of the IBC, 2016.

The Tribunal admitted the company petition on 29.03.2023, initiating the CIRP against the Corporate Debtor.

The promoter of the Corporate Debtor, Mr. Sanjay Kakade, made an offer to the CoC members in February 2024, which was accepted.

…

## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of the company petition under Section 12A of the IBC, …

**Ratio:** The Tribunal may allow the withdrawal of an application admitted under section 7 or

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**Reasoning:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Interpretation:** The Tribunal interprets Section 12A and Regulation 30A to mean that if the CoC

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**Application:** In this case, the CoC approved the withdrawal with 100% voting share.

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Jayesh Sang…
- **Respondents:** Kakade Estate…; Edward Mauritius…; +3 more
- **Other parties:** Kakade Developers…; Jitendra P…; +1 more
- **Advocates:** Gaurav…; Karol Pu…; +8 more

## Timeline

- **2023-03-29 — Commencement…**: Tribunal admitted the company petition, resulting in the commencement of CIRP against the…
- **2024-08-31 — Settlement Agreement…**: Parties entered into a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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